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(t) Any customary prepayment charges imposed by the lender pursuant to its loan documents and agreed to by the Developer. 316.8 i ght of the Agency to u r Mortgage or Deed of Trust Default. In the event of a mortgage or deed of trust default o r breach by the Developer prior to the completion ion of the construction of any of any Phase of the Developer Improvements or any part thereof, the Developer hall immediately deliver to the Agency a copy of any mortgage holder's notice of default and the Agency shall have the right but no obligation to cure the default if the Developer fails to cure within thirty days after the Agency no of ie the Developer f its intention to cure. In such event, the Agency shall be entitled to reimbursement from the Developer of all proper costs and expenses ineu rred by the Agency in curing such default. The Agency shall also he entitled to a lien upon the applicable Phase to the extent of such costs and disbursements. Any such lien shall be junior and subordinate to the mortgages or deeds of trust pursuant to this Section 316. 400. QPERATION OF THE PROJECT. 401. Provision of Extremely and Very Low Income Rental Housing—Rental Portion of the Project. 401.1 Number of Affordable Rental Units. Pursuant to this Agreement and the Regulatory lator Agreement, the Developer covenants and agrees to make a ai l able, restrict occupancy to, and rent the Rental Units at an affordable rent pursuant to Section 401.5 as follows: {a} Thirty -nine {39} of the two (2) bedroom Rental Units in Phase R -1 to Very Law Income Households at an Affordable Rent; twenty (20) of the two (2) bedroom Rental Units in Phase R -2 to Very Law Income Households at an Affordable Rent; (b) Eleven (11) of the two (2) bedroom Rental Units in Phase R -1 to Extremely Low Income Households at an Affordable Rent; five (5) of the two {2} bedroom Rental Units in Phase R -2 to Extremely Lo Income Households at an Affordable Rent; {c} Nineteen (14) of the three (3) bedroom Rental Units in Phase R -1 to Very Low Income Households at an Affordable Rent; nine (9) of the three (3) bedroom Rental Units in Phase R -2 to Very Law Income Households at an Affordable Rent; and (d) Four (4) of the three (3) bedroom Rental Units in Phase R -1 to Extremely Low Income Households at an Affordable Rent; three {3} of the three (3) bedroom Rental Units in Phase R -2 to Extremely Low Income Households at an Affordable Rent. 401.2 Duration f Affordability q ui ire men . The Rental Units shall be subject to the requirements of this Agreement for the later of i fifty-five years from the date of the City's issuance of a certificate of occupancy for the applicable Phase or (ii) repayment in full of the Dote. 401.3 selection of Tenants. The Developer shall h responsible for the selection of tenants for the Rental Units in compliance with lawful and reasonable eri teria, as set 4 rho 0 14 67 M41200272.0001